Homebuilder confidence rises - The Business Journal of Milwaukee:

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It is the firsf back-to-back increase in builder confidenced since February 2008 and is now at its highest level ineight months. The indes measuring current confidence rosetwo points, from 12 in April to 14 in May. Any readingv under 50 still indicates the majority of builders view conditionxas poor. “The fact that the May [Housintg Market Index] continued to tick up from April’z 5 point increase provides confirming evidence that the improved confidenced level wasno fluke,” said NAHB chiefc economist David Crowe.
“This continued increase indicates that home builderswfeel we’re at or near the bottoj of the market and that positive signs lie aheax for builders and potential home buyers, provided that buildere access to production credit significantly improves.” A separate inded measuring expectations for the next six month s rose three points to 27. Builders and Realtors are hopinyg lower prices and historically low mortgage rates will overcome tighterrlending standards. The housing market may also benefit this year froman $8,00o0 tax credit for homebuyers. Earliet this month, the reported pending salea of existing homesrose 3.
2 percenty in March, the first back-to-bacl increase in pending sales in a